Sample question

The Penny Worth Antique Mall budgeted credit sales in the rst quarter of 2021 to be as follows: January $163,200 February 173,400 March 185,200 Credit sales in December 2020 are expected to be $204,000. The company expects to collect 65 percent of a month's sales in the month of sale and 35 percent in the following month. Estimate cash receipts for each month of the rst quarter of 2021. Collection of December sales $ l $ l $ l Collection of January sales l: l: l Collection of February sales l: l: l Collection of March sales l: l: l $l $l $l